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Veremonte quits BCN World but plans for the multibillion casino, hotel and shopping resort go on

ACN

Veremonte has walked out on the BCN World project, the largest holiday resort in Europe based in the Costa Daurada, near Tarragona, as first announced by the Catalan Business Minister, Felip Puig, on Thursday and later confirmed by the company itself. However, Puig has assured that this will not impede the project's continuation as companies such as Melco, Hard Rock, Grup Peralada and Value Retail remain committed to it. Veremonte did not provide any further details about its decision. The investment company was initially leading the initiative and had reached an agreement with La Caixa bank to buy 500 hectares of land in 2012. However, it missed the final deadline last December to do so and the Catalan Government had to jump in to guarantee the project's continuation, reaching an agreement with La Caixa for the land. However, Veremonte was still linked to the initiative through the casino licences' tender, which it bidding for in partnership with Hard Rock and Melco.

June 4, 2015 09:40 PM

SEAT CEO shows "great optimism" for Catalan plant after Volkswagen's €4.2 billion investment in Spain

ACN

SEAT President, Jürgen Stackmann, has shown "great optimism" for the future competitiveness of the company's plant in Martorell (Greater Barcelona). In early May, the Volkswagen group, to which SEAT belongs, announced it will invest €4.2 billion in two of its factories, those in Catalonia and Navarra, over the next four years. The investment will be used to upgrade the existing facilities and increase competitiveness, in order to assemble a greater number of models. However, it was not disclosed how this billionaire investment will be split among the two factories. During a conference held on Wednesday in Barcelona, Stackmann did not say how much of this investment would go toward the Catalan plant. The SEAT president said the company is changing its focus toward a more mature, adult market across Europe in order to cement the future success of the carmaker.

June 3, 2015 10:32 PM

Barcelona signs proposal to continue hosting the Mobile World Congress until 2023 with all-party support

ACN

Every party with representation in the 41-seat Barcelona City Council, except for one small party holding 3 seats, were present at the signing of the official proposal that will be sent to the Mobile World Congress' organisers in order to continue hosting the event until 2023. The MWC is the world's main event of the mobile phone-related industries and since 2006 has taken place each year in Barcelona. The current contract expires in 2018 and there are other cities that want to host the event besides the Catalan capital. The 2015 edition attracted 93,000 visitors in Barcelona, 9% more than in 2014. Most of those who attended were executives from international companies staying for 4 or 5 days in town. It was estimated that the 2015 edition had a €436 million impact on the local economy and generated more than 12,600 temporary jobs. Furthermore, Barcelona has been named the Mobile World Capital, a long-term project to make the Catalan city a hub for this industry, hosting standardisation organisations, multinationals and international research centres focused on related technologies.

June 2, 2015 10:18 PM

Registered unemployment in Catalonia falls by 21,075 in May; biggest decline in 19 years

ACN

Last month Catalonia was where the most intense monthly and annual drops in unemployment were registered in Spain. At the end of May, 531,899 people were on the Catalan Public Employment Service's (SOC) lists. This means 21,075 fewer jobseekers than in April 2015 (-3.81%), representing the most significant monthly drop registered for the month of May for 19 years (when the historical record started). Catalonia also registered a 10.2% annual drop in unemployment in comparison to May 2014 - representing 60,405 fewer people unemployed - the biggest annual decline since May 2000. It is has now accumulated 23 consecutive months of annual decline. In Spain as a whole, at the end of May 2015, the number of people registered as unemployed stood at 4.21 million, with 117,985 less jobseekers than in April 2015. An encouraging sign given that in the last 7 years registered unemployment had been falling at an average of 58,000 people from April to May.

June 2, 2015 06:31 PM

Mortgages increase 35% in number in Catalonia in March; 11th consecutive month of growth

ACN

The number of mortgages on homes in Catalonia increased by 35.1% in March compared to figures from March 2014, data from the Spanish Statistics Institute (INE) show, with a total 3,229 mortgages approved. This yearly increase strengthens an uninterrupted trend of 11 consecutive months of annual growth, following 44 months of uninterrupted decline. In Spain as a whole, a 19.71% annual increase in March on figures from March 2014 was registered and 19,806 mortgages on houses and flats were granted. These figures represent the 10th consecutive month of annual growth at Spanish level. In all the Catalan Provinces, an annual increase was also recorded: Lleida came top with a 76% increase, followed by Barcelona (35%), Tarragona (28%) and Girona (22%).

May 27, 2015 09:42 PM

Barcelona Southern Europe’s most attractive city to invest in, according to EY

ACN

The Catalan capital is Europe's 8th most attractive city to invest in and the highest-ranked city located in the southern part of the continent, according to the international consultancy firm Ernst & Young. London, Paris, Berlin, Frankfurt, Amsterdam, Brussels and Munich come first in the European ranking and are followed by the Catalan capital, ahead of Madrid, which comes in 10th position. EY highlights the fact that Barcelona has attracted "enough" international business projects to confirm its place among Europe's top 10 most attractive cities for foreign investment. Catalonia ended 2014 with 108 direct foreign investment projects, a 27% increase on 2013 figures. These projects created 7,089 new jobs. EY stressed that none of the 7 cities ahead of Barcelona were able to transform direct investment into the creation of so many new jobs. London was the closest contender, creating 3,470 jobs, half of that of the Catalan capital.

May 27, 2015 09:26 PM

Veremonte could quit BCN World project if definitive Urban Planning does not fit expectations

ACN

Veremonte has added additional uncertainty to the future of the BCN World project, the largest holiday resort in Europe based in the Costa Daurada, near Tarragona. After a $6 billion investment, it will include – among other facilities – 6 mega-casino hotels, amusement parks and shopping malls. Veremonte – which was initially leading the project – announced that it could leave, depending on how the Catalan Government will develop the final Urban Plan and how it will set the conditions for the second phase of the casino licences' tender. In 2012, Veremonte had already reached an agreement with La Caixa bank to buy 500 hectares of the land. However, the company missed the first deadline and did not meet the second one (last December) to do so, arguing that the final Urban Plan had not yet been approved. The Catalan Government then jumped in and reached an agreement with La Caixa for the rights to buy the land and guarantee the project's continuation. Veremonte still continues to be linked to the project through the casino licence tender, for which it is running with Hard Rock and Melco.

May 21, 2015 09:19 PM

Exports from Catalonia set new historic record and grow 6.6% over first quarter

ACN

Catalan exports totalled €15.66 billion for the period January-March 2015, a 6.6% growth on figures from the 1st quarter of 2014. This represents a new historic high, setting a new record for Catalonia’s export sector, which has been growing strongly over the last few years. As well as this, exports in March increased by 15.4%, reaching the highest amount ever recorded for a single month. Exports from Catalonia during the first quarter of 2015 represent 25.7% of Spain’s total exports. Regarding Catalonia’s imports, they totalled €18.48 billion, a 4.4% increase. Catalonia’s trade deficit reached €2.82 billion, representing a 6.3% drop on figures from the previous quarter.

May 20, 2015 11:08 PM

Barcelona’s International Construction Show ‘Construmat’ starts amid sector slow recovery

ACN

The 19th edition of Barcelona’s International Building & Construction Show opened its doors on Tuesday, rebranded as 'Beyond Building Barcelona-Construmat'. The event – which is held every two years – will be on until Saturday 23 May, hosting around 300 exhibitors from 15 different countries. For the first time after 7 years of continuous decline for the construction sector, Construmat – the most important trade fair for this industry in Spain – kicks off at a time of gradual recovery for this sector, according to the figures of the last few months. For Josep Miarnau, Chairman of the show, this year represents a turning point and the end of a cycle. Held in the Gran Via venue of Fira de Barcelona, the show is organised around 4 main thematic pillars: Innovation, Design, Renovation and Sustainability. Moreover, internationalisation will play an important role as well, with 145 projects from all over the world at the tendering stage.

May 19, 2015 10:19 PM

Technological innovation in Catalonia boosted as public research centres merge

ACN

A major step forward in Catalonia's public research on technology has been made this month, with the official establishing of Eurecat on 1 May. The new integrated hub is a result of the merger of 5 advanced Catalan technology centres in the first phase. Last Wednesday, it incorporated a further 13 companies onto its Board. Eurecat is aimed at boosting technology research and its business applicability, particularly among private SMEs, which represent most of Catalonia's economy. Conceived as an engine for key technologies, it is a tool for implementing the Strategy for the Smart Specialisation of Catalonia (RIS3CAT). The latter was drafted by the Catalan Government following the EU Commission's decision to make 'smart specialisation' a prerequisite for attracting EU funds during the period 2014-2020. By the end of 2020, the centre is expected to have attracted funding from the EC's Horizon 2020 framework and the RIS3 to the tune of €200m.

May 15, 2015 09:54 PM

Train shuttle linking Barcelona Airport T1 with city centre to start construction work "in a few weeks"

ACN

The Spanish Government have finally announced that construction work for the train shuttle connecting Terminal 1 of Barcelona El Prat Airport to the city centre will kick off "in a few weeks", after many years of delay. The statement was made on Thursday by Spanish Deputy Prime Minister, Soraya Sáenz de Santamaría, after the weekly Cabinet meeting. The new train shuttle will carry travellers between T1, the newest and busiest terminal, to Barcelona's Sants Station in 19 minutes, making a stop at Terminal 2. According to the Deputy PM, the Spanish Ministry of Transport plans "a more-than-€200 million" investment in the project. Santi Vila, the Catalan Minister for Planning and Sustainability, described the announcement as "excellent news". An estimated 7 to 9 million people are expected to use the train shuttle each year.

May 14, 2015 11:22 PM

Basf to invest €21 million in one of its chemical plants in Tarragona, creating 30 additional jobs

ACN

The German multinational company Basf announced on Tuesday it will invest €21 million to expand one of the plants it has in the area of Tarragona, in Southern Catalonia. Basf operates several plants in the Tarragona area, which is Spain's main centre for the petro-chemical industry and one of the most important ones at European level. The investment announced this Tuesday is the largest made by the Spanish division of the German multinational in a single plant in many years, confirmed the company. The centre producing the innovative liquid fungicides for sustainable agriculture will extend its facilities and increase production capacity of these fungicides for high performance crops. Once the work is completed, the company will add 30 workers to its staff. Basf expects the expansion work to end and the new production line to be fully operational by the end of next year.

May 12, 2015 06:16 PM

Catalan banking group Sabadell has already bought 81.23% shares of British TSB bank

ACN

Last April, Banc Sabadell filed a takeover offer on 100% of the shares of the UK lender TSB, partially owned by LLoyds. On Monday, the Catalan bank announced it had already exceeded the 75% minimum bid of the takeover offer, reaching 81.23% of TSB shares. However, this percentage is still likely to increase in the upcoming days, since there are 14 remaining days till the end of the takeover's acceptance period. In order to fund the transaction, the Catalan corporation will carry out a €1.61 billion capital increase (€1,607 million). Current shareholders have a preference call in this capital increase. Banc Sabadell, is one of the few banks to emerge stronger from a financial crisis that has redrawn Spain’s banking sector. Unlike many of its Spanish rivals, the bank is in good shape reporting a 50% increase in annual profits at the end of 2014 to €371.7 million. Since 2007, it has doubled in size and is now Spain’s 5th largest bank. It achieved this mainly through an energetic programme of acquisitions in Spain and abroad. 

May 11, 2015 04:47 PM

Volkswagen to invest €4.2 billion in Catalonia and Navarra factories over next 4 years

ACN

The German car manufacturer has announced massive investment in two of its factories in Spain: its plant located in Martorell (Greater Barcelona) and its factory in Navarra. In particular, Volkswagen expressed its intention to invest €4.2 billion between 2015 and 2019 in what many newspapers have called "the largest industrial investment ever made in Spain". According to estimates made by the Catalan Business and Employment Minister Felip Puig, it is likely that more than half of the total investment will be concentrated on the plant in Martorell, which builds Seat cars as well as models from other brands of the Volkswagen group such as Audi. In a meeting with the Spanish Prime Minister Mariano Rajoy, Volkswagen Global Sales Vice President, Javier García Sanz, stated that the two plants that will receive the multibillion investment are among "the best factories of the Group".

May 8, 2015 10:03 PM

House sales up 10.2% in Catalonia since March last year; 6th consecutive month of annual growth

ACN

House sales in Catalonia have recorded a double-digit growth rate in March compared to the same period last year, official data from the Spanish Statistics Institute (INE) has highlighted. The number of house sales was 4,334 units, which represents a 10.2% annual increase over March 2014 figures. So far, Catalonia has accumulated six consecutive months of positive annual rates for house sales, and all its provinces have followed this trend with the exception of Tarragona. In particular, Barcelona Province stands out with an above-the-average 15.66% annual increase. In Spain as a whole, the number of houses sold in March was 27,280 units, a 2.1% increase in annual terms and the 7th consecutive month of positive annual rates.

May 8, 2015 09:33 PM

Read the latest updates and breaking news on business and economic matters from Barcelona and Catalonia here. Keep up to date with how the Catalan economy is performing, inflation levels, employment and unemployment, major business mergers, important company announcements, and the latest on Catalonia’s biggest enterprises such as Vueling, Wallbox, Grifols, Mango, and plenty of start-ups and international firms based here too.